Blockchain payments firm Ripple has achieved a major milestone in Asia after its subsidiary Ripple Markets APAC secured a full license to provide digital payment token services from the Monetary Authority of Singapore (MAS).
The Major Payment Institution (MPI) license allows Ripple to fully roll out its crypto products and solutions for businesses and institutions across Singapore.
Expanding Asia-Pacific Presence
In a statement announcing the license, Ripple CEO Brad Garlinghouse noted:
“Singapore has emerged as one of the leading fintech and digital asset hubs, striking the right balance between innovation and responsible regulation.”
With 90% of Ripple’s business conducted outside the US, it will continue focusing heavily on growing adoption in APAC and plans to fill 80% of new hires in the region.
Emphasis on Practical Crypto Applications
The MPI license follows initial approval in principle granted to Ripple by MAS in June 2022.
It underscores Ripple’s mission of enabling practical crypto applications for payments, banking and global money transfers.
By meeting Singapore’s stringent payments licensing requirements, Ripple can provide regulated crypto services to both retail and institutional clients in one of the world’s most prominent Asian business and technology hubs.
joins Leading Crypto Firms With Local License
The MPI license places Ripple alongside 14 other crypto companies that have received MAS payments approvals to date.
These include prominent regional players like Independent Reserve and Blockchain.com that also hold full MPI licenses for Singapore.
As digital payments adoption surges across APAC, securing local regulatory approval enables Ripple to tap into growing business demand for efficient blockchain-powered financial solutions.
The milestone proves Ripple is cementing its position as a licensed crypto payments pioneer across key Asian markets.